Response to Ofgem’s planned new rules for Energy Suppliers

It was revealed today that Ofgem is expected to announce it will review rules governing energy suppliers. New energy suppliers could face financial checks and existing companies could be subjected to stress tests, under a regulatory shake-up.

Switched On agrees that the energy market isn’t working. We need reforms to catalyse systemic change and remove barriers to local supply markets. These include allowing generators to sell directly to local consumers and creating a social licenses that make the right to trade contingent on particular social and environmental targets.

The government should support municipal companies to find ways to work together in the public interest and avoid a damaging race to the bottom in social and environmental standards.

For more see our report: http://switchedonlondon.org.uk/more-info/

“The Big Six already get obscenely favorable odds on the energy market. A market based race to the bottom threatens to create more GB energy style collapses. We need public supply companies whose first motive is to provide affordable, sustainable energy – not to make a profit. The solution isn’t to stop these new public companies from entering the market, but to create a better regulated and fairer energy sector.”Emma Hughes, Switched On

Switched On (http://switchedonlondon.org.uk/) are a movement calling for publicly controlled energy that is green, affordable and controlled by us. From Nottingham to Bristol, cities across Britain are leaving the Big Six behind by setting up their own, non-profit energy companies that cuts bills and polluting carbon emissions. We need non-profit companies with social justice, clean energy and democracy at their core.